It's April 27, 2024, 03:57:37 PM
Quote from: Trauma-san on January 17, 2007, 06:14:59 AMNo problems selling the bulding later on, really you'd have to see the situation to understand it. We're talking about a small amount of money, again, as well. I'm in a situation where if I lose my entire investment it won't hurt me, so I don't care if it makes money or not. As for comparable properties, I've mentioned twice that the entire downtown is full of buildings similar to this one, all of them have sold over and over again in the last several years and it's pretty easy to determine what a buildings worth when there's an entire street of them around you that have sold recently. Come on man, do you think it's really that big of a deal? Honestly. This particular building, a guy's been using for storage since getting it out of probate court years back for almost nothing. He decides to sell it and priced it under half of what the building would actually sell for, I was first in line with cold hard cash to make a downpayment and cold hard cash to pay for the rest of the building as soon as we can get closing pushed through. The neighbors on the left want to buy it, but aren't preapproved for a loan. The people across the street were actually renting it, but were tossed out when the building went into probate and now can't afford two buildings. Dude had people calling him about the property from New York and Texas while we were in the building checking it out... man this is the south, you don't understand the opportunities that can arrise down here with these country folks who are all laid back and low key. That's one reason I prefer older buildings over new buildings.Now, with all that said, like I said in the first post, I'm not in it strictly to make money. I have a little bit of money, and I spent a small amount of it to buy this building. I wasn't buying it to flip it and make a ton of cash next year off of it. I'm much more into the rental side of things and there's also the opportunity here to help with the revitalization efforts of this little town's downtown area. You keep saying that the building may not be there in 30 years; the land under it will be there for eternity and I own it. The building itself is strong as a rock and built from brick, it's not going anywhere unless a tornado comes through town, and I've got hazard insurance so that'd be alright too. You're telling me I downplay an appraisal. If a man's trying to sell you a building for 50 grand, and you think it's worth 100 grand... what happens when the appraiser agrees with me and tells the guy his building is worth 100 grand? Come on man, use your head a little bit. We're talking about a property he wanted less than THAT for, it's really a fantastic deal that we had checked out for a few days and by all accounts we just made a shitload of cash buying it. Worse case scenario if the ground opens up tommorow and swallows it, I'll still be sitting here doing just fine without it so to me it's really not that big of a deal.... it's just exciting to own a dusty old building with some character to it. Peace~I find it VERY hard to believe that a town with 1000 people have this downtown area in which the historic 100 year old buildings are being bought and sold regularly year in and year out. Where are you getting this information from? I've worked in towns that have 12,000 people and the downtown buildings don't turn NEARLY that quick, in fact the majority have been passed down through generations or have gone vacant or abandoned. A town 1/12 the size does? Doubtful.And don't tell me what I don't understand. I have years of experience in this field, in the exact type of market you're speaking of. Hell I've done business in towns smaller than that one. I OWN RENTALS IN A SHIT TOWN, lol. And never once did I say the BUILDING might not be there in 30 years. I said the TOWN might not be. Insurance ain't protecting you from that. And I know you're not looking for a quick flip which is why I keep hammering home the point that if you want to hold it for a long time, you better hope that that town is still thriving like you claim it is now. (Again, I don't buy it)LOL, when, in your first post did you say you're not in it to make money?Quote from: Trauma-san on January 16, 2007, 02:54:15 PMHow many of you have an interest in Real Estate as an investment tool? I have two brothers, we're all really close. Today we bought our first commercial property; we also own our home... actually the home we still have a mortgage on but we paid cash for a historic building on main street of a small town near here today. We're going to renovate it and then rent each side out. Anybody else have any Trump asperations? You asked how many of us INVEST and use Real Estate as an INVESTMENT TOOL. Go look up the definition of INVEST, re-read your first statement and then come back and question my comprehension of what you're saying.And back to the appraisal thing. If I was investing $1000s of dollars (hell $100's of dollars, I'm a cheapskate), I'd damn sure want to know that I was going to be earning a return, regardless if its in 30 days or 30 years. How do you know there aren't major structural issues? Asbestos in the pipework? I'd NEVER make a speculative investment without getting some solid facts that support what I think may happen. It's called due diligence. LOL at you telling me to use my head a little bit. If only you knew how ignorant you sound on all of this...Oh and weren't you the one warning me of the dangers of flipping those Wii's on ebay? I sold all 7 in 10 days and netted over a $700 profit.
No problems selling the bulding later on, really you'd have to see the situation to understand it. We're talking about a small amount of money, again, as well. I'm in a situation where if I lose my entire investment it won't hurt me, so I don't care if it makes money or not. As for comparable properties, I've mentioned twice that the entire downtown is full of buildings similar to this one, all of them have sold over and over again in the last several years and it's pretty easy to determine what a buildings worth when there's an entire street of them around you that have sold recently. Come on man, do you think it's really that big of a deal? Honestly. This particular building, a guy's been using for storage since getting it out of probate court years back for almost nothing. He decides to sell it and priced it under half of what the building would actually sell for, I was first in line with cold hard cash to make a downpayment and cold hard cash to pay for the rest of the building as soon as we can get closing pushed through. The neighbors on the left want to buy it, but aren't preapproved for a loan. The people across the street were actually renting it, but were tossed out when the building went into probate and now can't afford two buildings. Dude had people calling him about the property from New York and Texas while we were in the building checking it out... man this is the south, you don't understand the opportunities that can arrise down here with these country folks who are all laid back and low key. That's one reason I prefer older buildings over new buildings.Now, with all that said, like I said in the first post, I'm not in it strictly to make money. I have a little bit of money, and I spent a small amount of it to buy this building. I wasn't buying it to flip it and make a ton of cash next year off of it. I'm much more into the rental side of things and there's also the opportunity here to help with the revitalization efforts of this little town's downtown area. You keep saying that the building may not be there in 30 years; the land under it will be there for eternity and I own it. The building itself is strong as a rock and built from brick, it's not going anywhere unless a tornado comes through town, and I've got hazard insurance so that'd be alright too. You're telling me I downplay an appraisal. If a man's trying to sell you a building for 50 grand, and you think it's worth 100 grand... what happens when the appraiser agrees with me and tells the guy his building is worth 100 grand? Come on man, use your head a little bit. We're talking about a property he wanted less than THAT for, it's really a fantastic deal that we had checked out for a few days and by all accounts we just made a shitload of cash buying it. Worse case scenario if the ground opens up tommorow and swallows it, I'll still be sitting here doing just fine without it so to me it's really not that big of a deal.... it's just exciting to own a dusty old building with some character to it. Peace~
How many of you have an interest in Real Estate as an investment tool? I have two brothers, we're all really close. Today we bought our first commercial property; we also own our home... actually the home we still have a mortgage on but we paid cash for a historic building on main street of a small town near here today. We're going to renovate it and then rent each side out. Anybody else have any Trump asperations?
I'm interested in revenue generating properties. Like industrial buildings. tenants pay for most of the things they need (electrical, plumbing, walls etc). But I need to own residential before I can get a mortgage for anything else.
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